Business & Economy
CBN Governor , Olayemi Cardoso Unveils Plan to Combat Naira Commoditization

- CBN unveiled strategic plan aimed at combating the commoditization of the naira and restoring its credibility as a legal tender
- Commoditization is the process of treating the national currency as a tradable asset, subjecting its intrinsic value to capitalist principles rather than maintaining its primary function as a means of exchange for economic goods and services
Central Bank of Nigeria (CBN) Governor, Dr. Olayemi Cardoso, has unveiled a strategic plan aimed at combating the commoditization of the naira and restoring its credibility as a legal tender.
Eko Hot Blog reports that the announcement was made during the inaugural Stakeholder Conference held by the Committee of Heads of Banks Operations (CHBO) in Lagos, with the theme “Commoditisation of naira: The Way Forward.”
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Delivering his keynote address through Senior Special Adviser Fatai Kareem, Cardoso emphasized the risks associated with naira commoditization, noting that it poses a significant threat to the banking sector and the daily lives of Nigerians who depend on the currency for transactions.
He defined naira commoditization as the process of treating the national currency as a tradable asset, subjecting its intrinsic value to capitalist principles rather than maintaining its primary function as a means of exchange for economic goods and services.
According to him, “the naira is not merely a currency; it embodies our national identity. Its stability is vital for economic growth and development.

Olayemi Cardoso, CBN Governor
Recent trends, however, have seen the naira treated as a commodity rather than fulfilling its primary function as a medium of exchange.
“The commoditisation of the naira, our national legal tender, has become a critical challenge for Nigeria’s financial ecosystem.
It is a problem that not only affects the operations of the banking industry but also the lives of every Nigerian that relies on the currency for his day to day transactions.”
The CBN Governor affirmed the apex bank’s dedication to collaborating with stakeholders in the banking sector to combat the commoditization of the naira. Cardoso outlined several strategies to address this issue, including:
1. Enhancing public engagement and awareness on responsible use of the naira
2. Strengthening cash management systems for fair distribution nationwide
3. Collaborating with law enforcement agencies to enforce regulations and prosecute offenders
4. Promoting digital payment channels to reduce cash transactions and encouraging reporting of digital errors to banks and the CBN
During the event, Chartered Institute of Bankers of Nigeria (CIBN) President, Professor Pius Olanrewaju, highlighted three key areas for consideration: creating public awareness, leveraging fintech innovations to enhance the currency’s value, and enforcing existing regulations.
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Additionally, CHBO Executive Committee Chairman, Abraham Aziegbe, attributed naira commoditization to scarcity, which has led to its monetization.
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